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Slow start to the year

3rd January 2018 Market Update

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🇬🇧 GBP – Except from a slight drop against the euro following manufacturing figures that came in lower than expected the pound gradually pushed higher throughout the day. Even rising close to one percent against the dollar.

Construction data released this morning is expected to fall very slightly but little affect is anticipated.

🇪🇺 EUR – German manufacturing data came in as expected, no impact on the euro though. The euro did however make some good gains against the dollar.

German unemployment rate is expected to remain at 5.3%, again little affect is expected.

🇺🇸 USD – The dollar lost ground yesterday pretty much across the board. Even positive manufacturing data couldn’t stop the fall.

More manufacturing data will be released this afternoon and this is expected to drop slightly.

 

Key Announcements

🇪🇺 EUR
09:00am: German unemployment rate – expected to remain at same level

🇬🇧 GBP
09:30am: PMI construction – a slight drop expected

🇺🇸 USD
15:00pm: ISM Manufacturing – a slight drop expected

 

Summary: Yesterday, as expected, was a pretty flat start to the New Year. With only manufacturing data from the UK, which turned out to be disappointing, little impact on the pound followed.

 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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